Housing regulator for Maharashtra by year-end

The quasi judicial body will safe guard home buyers interest

geetanjali

Geetanjali Minhas | November 23, 2015


#Housing regulator   #Maharashtra   #home buyers   #Mumbai  

Maharashtra will soon have a housing regulatory authority. Chief Minister Devendra Fadnavis has said that the housing regulator would be established within a month. The housing regulator will be a quasi-judicial body with powers to safeguard the interests of home buyers and resolve disputes relating to the housing sector.

The Maharashtra Housing (Regulation & Development) Act, 2012, was passed two years ago and the Presidential assent came in 2014. However, the state could not set up the Authority as the Centre's real estate Bill is still pending in the Rajya Sabha.

But keeping in view Mumbai’s housing needs which are different from the rest of the country, the state government convinced the centre on the establishment of a state authority. “The government also successfully argued that the state's provisions were better than the proposed central law. The Centre has accepted the state's submission and given its nod for the establishment of the Authority” a government official said.

Under the authority, it will be mandatory for developers to disclose the property title, layout and completion plans to buyers. The project details will have to be registered with the authority and will be displayed on its website. The promoters will have to apply to the regulator for the registration of every project to be constructed on a separate plot.

The authority provides for disqualification and cancellation of registrations of projects. Before cancellation of registration, the regulator will issue notice to the promoter, who should respond within seven days. This apart the authority can impose a fine of up to Rs one crore and prison terms up to three years.

Buyers of a stalled project can form a legal entity and assume control of the construction process.

Comments

 

Other News

BSNL unveils satellite phone service

Minister of state for communications (I/C) Manoj Sinha has launched BSNL’s satellite phone service that will be offered to government agencies in phase one and later opened for others.  While unveiling the new service, Sinha said BSNL works where no other network is present.

Govt to raise Rs 2,360 crore for renewable energy

The cabinet has given it’s green signal to raise bonds of Rs 2,360 crore for renewable energy. The bonds will be raised by the ministry of new & renewable energy (MNRE) through the Indian Renewable Energy Development Agency (IREDA), a Miniratna enterprise, during current fiscal.

CEA’s campaign against ‘poor standards’ finds some success

Chief economic advisor Arvind Subramanian’s campaign for some sense in country ratings has finally found some success. Global rating agency Moody`s Investors Service has downgraded China`s long-term local currency and foreign currency issuer ratings to A1 from Aa3 and changed the outlook to stable fr

Doubling farmers’ income challenging, yet attainable: Niti Aayog

The low level of farmers` income and year to year fluctuations in it are a major source of agrarian distress. This distress is spreading and getting severe over time impacting almost half of the population of the country that is dependent on farming for livelihood, said a Niti Aayog policy paper.

Governance, development no longer govt’s agenda: Civil society

The civil society has strongly criticized the Narendra Modi government that completes three years in office. Citizens’ Report: Promises and Reality tha

Parody of the health mission

Improving the availability of health workers, particularly at the sub-centre level, has been one of the thrust areas of the national rural health mission (NRHM).  Back in 2005, most of the sub-centres in the country were run by a single auxiliary nurse midwife (ANM). ANMs were overbu



Video

प्रभुनाथ सिंह को हत्याकांड में उम्रकैद की सजा

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter